Despite Competition, Ethereum Still Leads The NFT Space

Despite Competition, Ethereum Still Leads The NFT Space

Despite the competition from other major blockchains, Ethereum is still at the forefront of the NFT space.

The concept of using blockchain to verify ownership of properties and collectibles was not new prior to the creation of NFTs.

In fact, the first NFTs appeared in 2012, with the so-called original NFT collection — Colored Coin — made by Yoni Assia and based on Bitcoin.

Unfortunately, the concept failed to come to reality because Bitcoin did not support this functional aspect.

The concept of NFTs traveled through different platforms, from “Quantum,” the notable “Counterparty,” but yet no magic seemed to work, the “public” remained hesitant until the shift to Ethereum took place.

NFTs are more completed thanks to the introduction of the new standard ERC-721 of the digital currency Ethereum. This standard allows users to transact their assets on the Ethereum blockchain platform.

Since then, Ethereum brought development to the world NFTs. The digital assets quickly went public, hunted and craved all around the world.

Together with the success of DeFi, the bloom of NFTs is amongst the major attributes of Ethereum. The NFT space received great interest in early 2021 and incredibly took the whole community by storm in July.

Proof of ownership is provided via non-fungible tokens for a wide range of unique digital things including art works, collectible cards, in-game avatars’ clothing, items and many more.

It was estimated that the value of Ethereum smart contracts related to NFT marketplaces and collections surged by almost $20 billion in 2021. At the start of 2022, the rate of growth showed no signs of decline.

Currently, Ethereum is the leader in transactions and assets stored on the blockchain.

Despite Ethereum’s gas fee, which is surely not budget-friendly, the blockchain still holds in hands multiple aces that strengthen its position in the NFT market: NFT marketplaces.

And they are not just some NFT marketplaces, they are giants including OpenSea, Rarible, and Mintable now hosted on the Ethereum blockchain.

Last year, more than $1 billion in volume was created across multiple smart contract platforms. The primary and secondary markets for Ethereum, on the other hand, accounted for about 80% of the activity.

The next digital asset to pique people’s curiosity in 2022 is whether Ethereum will successfully move to Ethereum 2.0.

The pressure to complete the Ethereum 2.0
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Source: #Blockonomicom
Source: thecryptocoinreport.com

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